Two-Story Mixed-Use Building For
For Sale
$1,995,000
16 Route 303, Tappan, NY 10983
Two-story mixed-use building with retail and office space.
Property Size6,106 SF
Lot Size0.50 Acres
Price / SF$326.73
Days on Market828
Property Features for 16 Route 303
General Information
Standard status
Active
Size
6,106 SF
Lot size
0.50 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$37,768
Amenities
Central Air Heating
Gas Heating
Hot Air Heating
Listing Agency:
RE/MAX FORTUNE PROPERTIES
(201) 816-8889
Listed By:
SHIN CHUNG · License #0340510
(201) 403-1777
Source:
Corcoran
Added: May 31, 2024
Changed: Sep 4
Last Checked: Sep 4 at 8:09AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX FORTUNE PROPERTIES
Investment Insights
Based on property information with market context.
This two-story mixed-use building, formerly used as a bank, offers both retail and office space. Constructed in 1980, the building encompasses 6,106 square feet and is situated on a 21,543-square-foot lot. The property includes 22 parking spaces and has a frontage of 142 square feet. Property taxes were $36,308 in 2022.
Key Highlights
- Large building: 6,106 sqft ideal for mixed retail/office.
- Ample parking: 22 spaces for customer and employee convenience.
- Substantial land size: 21,543 sqft lot with expansion potential.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$174,135
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.73%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,482,700
$3.5M
Cap Rate 7%
$2,487,643
$2.5M
Cap Rate 9%
$1,934,833
$1.9M
Market Conditions
NOI Build-Up for 6,106 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$274.8K $45.00/SF
− Vacancy
−$42.6K −$6.98/SF
EGI
$232.2K $38.03/SF
− OpEx
−$58.0K −$9.51/SF
NOI
$174.1K $28.52/SF
Area
Rockland County, NY
Vacancy
15.50%
Lease Rate
$45.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,482,700
Cap Rate 7%
$2,487,643
Cap Rate 9%
$1,934,833
Alternative Uses
Best Use
Office B
$2.49M
$2.18M – $2.90M
NOI $174,135 @ 7.0% cap · market cap 8.73%
Second Best
Retail
$1.23M
$1.07M – $1.43M
NOI $85,988 @ 7.0% cap · market cap 4.31%
Theoretical Best
Specialty Retail
$4.04M
$3.53M – $4.71M
NOI $282,601 @ 7.0% cap · market cap 14.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
650
Businesses Nearby
Explore this area
Business Placement
Demographics for 10983, NY
5,777
Population
1,926
Households
3
Avg Household Size
44
Median Age
62%
College-Educated
93%
High-School Grad
2.1 sq mi
ZIP Area
2,751
Density / Sq Mi
$178,664
Median Household Income
$70,800
Median Earnings
$2,237
Median Rent
$593,200
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-story mixed-use building with retail and office space.
Where is this mixed-use property located?
The property is located at 16 Route 303 Tappan, NY.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Large building: **6,106 sqft** ideal for mixed retail/office.; Ample parking: **22 spaces** for customer and employee convenience.; Substantial land size: 21,543 sqft lot with expansion potential.
